. >> steve, how does your model differ from that of, let's say, stevie cohen? i know s.e.c. takes in outside capital, but most of it is mr. cohen's, a lot of it allocated to different guys. he brings guys in, gives them a certain amount of money and says go to it. give me some of your ideas and let's talk as well. how are you different from that? >> it's similar in the way we both back strategists. but his is more -- he's at the hub, great trader. steve is one of the best traders of all-time on wall street. and he's always sharing ideas, best ideas with all his portfolio managers, and a lot of it gets filtered through him. he's very, very involved in the books. my managers are more passive investments, where i'm not dealing with them day to day, month to month, quarter by quarter and sharing ideas. they do their own thing, i do my own thing. >> it is all your money, isn't it? >> correct. >> that's a nice problem to have. and so the s.e.c. in terms of at least, you know, most hedge funds have to register with the s.e.c. you don't have to register with the s.e.c. >> we don't h